DoubleVerify Announces $150 Million Share Repurchase Program
DoubleVerify (NYSE: DV), a leading software platform for digital media measurement, data, and analytics, has announced a $150 million share repurchase program. Authorized by the Board of Directors, the program allows DV to buy back shares of its common stock using cash available on hand and future cash flows. The repurchases may occur via open market purchases under Rule 10b-18 and/or Rule 10b5-1 plans, adhering to applicable laws. The program doesn't mandate a specific number of shares to be repurchased and has no set time limit. As of March 31, 2024, DV had $302 million in cash and cash equivalents, with 172 million shares outstanding as of April 29, 2024.
- Authorization of a $150 million share repurchase program.
- Repurchase to be funded from existing cash on hand and future cash flows.
- As of March 31, 2024, DV had $302 million in cash and cash equivalents.
- Flexibility to repurchase shares based on market conditions and other factors.
- The repurchase program does not obligate DV to buy back a specific number of shares.
- No set time limit for the completion of the repurchase program.
- Potential diversion of funds from other investment opportunities.
Insights
DoubleVerify's announcement of a $150 million share repurchase program signals a strategic move to enhance shareholder value. By repurchasing shares, the company can potentially increase the earnings per share (EPS) as the number of outstanding shares decreases, which can be beneficial for both existing and potential investors.
This move is funded by DV's existing
It's also vital to note the repurchase's discretionary nature; the company can modify or discontinue it at any time, which adds an element of uncertainty.
From a market perspective, share repurchase programs can be a double-edged sword. On the one hand, they reduce the supply of shares, which can bolster the stock price and signal management's confidence in the company's future prospects. On the other hand, it may also indicate a lack of better growth opportunities, which is a critical consideration for long-term investors.
Given the current market conditions, this repurchase can be seen as a positive move, potentially driving upward pressure on the stock price. However, it will be important to monitor how this impacts the company's capital allocation and whether it translates into tangible long-term value.
DV currently expects to fund the Repurchase Program from existing cash on hand and future cash flows. As of March 31, 2024, DV had cash and cash equivalents of approximately
Forward-Looking Statements
This press release includes “forward-looking statements”. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding expected purchases under and funding of the Repurchase Program. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release.
Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this press release are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024 and other filings and reports we make with the SEC from time to time.
We have based our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. Any forward-looking information presented herein is made only as of the date of this press release, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About DoubleVerify
DoubleVerify is the industry’s leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.
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Investor Relations
Tejal Engman
DoubleVerify
IR@doubleverify.com
Media Contact
Chris Harihar
Crenshaw Communications
646‑535‑9475
chris@crenshawcomm.com
Source: DoubleVerify
FAQ
What is the amount approved for DoubleVerify's share repurchase program?
How will DoubleVerify fund its share repurchase program?
When was the information about DoubleVerify's cash and cash equivalents last reported?
How many shares of common stock does DoubleVerify currently have outstanding?
Are there any conditions for the repurchase of shares under DoubleVerify's program?
Is DoubleVerify obligated to repurchase a specific number of shares?
